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Successful Sale of 48-50 West 74th Street in Upper West Side, Manhattan
Bob Knakal successfully sold the property at 48-50 West 74th Street on Manhattan’s Upper West Side to Parkside School for $1,600,000. Originally operated as a 24-unit residential building, the property has been repurposed to serve as an educational facility—offering new life and community value to a historic structure.
This conversion from a residential townhouse to a school demonstrates the adaptability of prewar buildings in one of New York City’s most prestigious and tightly held neighborhoods.
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Sale Details
The transaction closed on July 20, 1992, marking a significant milestone for St. Elizabeth Guild of the City of New York, the property’s longtime operator. The property offered over 14,750 square feet, trading at $108.47 per square foot.
Transaction Highlights:
- Sale Price: $1,600,000
- Price per SF: $108.47
- Buyer: Parkside School
- Seller: St. Elizabeth Guild of the City of New York
- Asset Class: Hospital / User
- Sale Date: July 20, 1992
- Former Use: Residential Townhouse
- New Use: Educational Facility
Property Details
Situated between Central Park West and Columbus Avenue, 48-50 West 74th Street benefits from prime frontage on one of the Upper West Side’s most iconic tree-lined blocks. The building’s design and scale make it especially well-suited for institutional use.
Full Address: 48-50 West 74th Street, New York, NY 10023
Investment Highlights:
- Formerly operated as a 24-unit residential building
- Over 14,750 SF of building space
- Classic townhouse layout with high ceilings and flexible floor plans
- Located within a short walk of Central Park and Museum of Natural History
Market Strategy and Positioning
At the time of sale, the Upper West Side market was experiencing renewed interest from institutional users looking to adapt classic structures for nonprofit and community-serving purposes. Bob Knakal and his team leveraged this trend to find a buyer that would align with the seller’s mission and pay a market-clearing price.
Rather than marketing the property solely to residential developers, Bob Knakal proactively engaged with school operators and nonprofits—understanding that the building’s form and zoning offered strong potential for adaptive reuse.
Neighborhood Overview
The Upper West Side is renowned for its blend of culture, history, and residential charm. It remains one of the most stable and prestigious neighborhoods in Manhattan, with strong demand from both residents and institutions.
Neighborhood Highlights:
- Two blocks from Central Park
- Proximity to American Museum of Natural History
- Within walking distance of Lincoln Center and major subway lines
- Known for excellent schools and community institutions
Conclusion
The sale of 48-50 West 74th Street exemplifies Bob Knakal’s ability to match purpose-driven sellers with ideal end users. Bob Knakal’s expertise not only maximized the Guild’s proceeds but also ensured that the property would continue serving the public in a meaningful way.
Testimonial
“We could not give Bob Knakal a higher recommendation. We knew that a sale of our property at 48-50 West 74th Street was necessary and it was of utmost importance to us that we received the highest possible price as every single dollar was meaningful to us in order to continue our various missions. Bob led the process expertly – working diligently every day to find the perfect buyer for us. We are so happy that the new owners are going to operate a school out of the building. A seller of a building in New York City will never make a mistake working with Bob Knakal.”
— Mrs. Albert Dell Flair, St. Elizabeth's Guild
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Frequently Asked Questions
Q1: What type of property was 48-50 West 74th Street before the sale?
It was a 24-unit residential townhouse that had been operated as a nonprofit residence.
Q2: What is the building used for now?
The property has been converted into an educational facility operated by the Parkside School.
Q3: What made this building suitable for a school conversion?
Its generous square footage, flexible layout, and location near Central Park made it ideal for institutional use.
